VLCC Sold for $26.5m

Friday, September 21, 2007
Chemoil sold its 225,000 dwt tanker, MT Anand Sea for $26.5m to Glory Town Investments Limited. Chemoil’s CFO, Jerome Lorenzo, said “In view of the earlier than scheduled commencement of our land based storage terminal, the fuel oil market being backwardated until the end of this year and the anticipated decline in the second hand tonnage market, we have considered it to be commercially prudent to dispose the floating storage facility given the attractive purchase offer.” The company currently leases 46,099 metric tons of land based storage capacity at Vopak in Singapore for fuel oil and blended products. The VLCC was originally acquired as a short-term measure to provide additional capacity until its terminal was completed. However, during Chemoil’s second quarter, the vessel experienced operational disruptions whilst stationed in Malaysian waters. The transaction through Chemoil’s wholly owned subsidiary, Anand Sea Shipping Limited, will result in a net gain for the Group’s current financial year with a corresponding increase in the net tangible assets. In the interests of upholding sound corporate governance, none of the directors or the controlling shareholder of Chemoil are related to Glory Town or have any personal interest in the disposal of MT Anand Sea. Jerome Lorenzo concluded: “The transaction has been a timely and profitable opportunity. We look forward to strengthening our performance in Singapore during the next quarter and increasing Chemoil’s long-term market growth within the region.”
Maritime Reporter August 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Tanker Trends

Russia's Shipping Major Reports Strong 1H 2014

OAO Sovcomflot (SCF Group), Russia’s largest shipping company and a global leader in seaborne energy transportation and offshore services, has announced its financial

Tankship-specific Version of FindaportCD Released

Harbour & terminal information providers, Shipping Guides Ltd, says its latest tanker-specific  addition enables customers to access the most comprehensive port

ClassNK's Noboru Ueda Attends KOTC Delivery Ceremony

Mr. Noboru Ueda, Chairman and President of ClassNK attended the delivery ceremony for the M/T Al Yarmouk, constructed at Daewoo Shipbuilding & Marine Engineering Co.

News

USCG, National Park Service Rescue Sea Turtle

Members from the U.S. Coast Guard and National Park Service rescued a loggerhead sea turtle Sunday in Oregon Inlet. Watchstanders at Coast Guard Sector North Carolina

Bulk Equipment is Delivered to Syzran Refinery

A reactor and a cold high-pressure separator is delivered to the site of Rosneft subsidiary Syzran Refinery for the constructed diesel hydro-treater. The unit

Achinsk Refinery Resumes Operation on Tight Schedule

Achinsk Oil refinery, suspended after the incident of June 15, 2014 has recovered the processes of primary crude oil processing on a tight schedule, according to the plan of repair activities.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Navigation Offshore Oil Pod Propulsion Salvage Ship Repair Ship Simulators
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1174 sec (9 req/sec)